Lee Ok-yeon, the chair of the Financial Services Commission, met with a delegation from the German Bundestag's Finance Committee to discuss the role of finance in addressing structural challenges faced by both countries, such as low growth and demographic changes.
The Financial Services Commission announced that Lee met with Christian Görke, the chair of the German Bundestag's Finance Committee, and seven other members of parliament on the afternoon of September 15 at the Government Seoul Complex.
The German delegation explained that both Korea and Germany have economies centered on manufacturing and exports, and they are facing similar structural challenges, including low growth and demographic changes. They visited Korea to share policy experiences and gain insights.
Particularly, as the German economy shows signs of recovery after two consecutive years of contraction, they expressed interest in the role of finance in enhancing growth potential and industrial competitiveness.
Lee emphasized that Korea is also confronting structural changes, including low growth, population decline, and the adoption of artificial intelligence (AI). He stated that it is crucial to reform the entire financial system to respond effectively to these challenges.
He highlighted the importance of 'productive finance' in identifying new growth drivers that can create future value and ensuring timely funding for these initiatives.
Lee explained that the government is expanding funding for future growth sectors through initiatives like the National Growth Fund and is also pursuing regulatory improvements to develop capital markets as platforms for innovation and growth.
Addressing financial market stability was also a key agenda item. Lee noted that due to recent global interest rate hikes and changes in external conditions, domestic financial market volatility has increased. He stated that measures are being taken to proactively assess risk factors and strengthen the market stability response system to prevent market instability from spreading throughout the financial system.
Additionally, he mentioned that policies are being implemented to enhance public and market trust in finance through support for vulnerable financial groups, consumer protection, and the establishment of fair market order.
* This article has been translated by AI.
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